New York Laws
Article 74 - Rehabilitation, Liquidation, Conservation and Dissolution of Insurers
7429 - Borrowing on the Pledge of Assets.

§ 7429. Borrowing on the pledge of assets. To facilitate the
rehabilitation, liquidation, conservation or dissolution of an insurer
pursuant to this article the superintendent may, subject to the approval
of the court, borrow money and issue evidences of indebtedness therefor
and secure repayment by a security interest in any or all property,
real, personal or mixed of such insurer. Subject to court approval, the
superintendent may take all other action necessary and proper to
consummate such loans and provide for their repayment. The
superintendent shall be under no obligation personally or in his
capacity as superintendent to repay any loan made pursuant to this
section.

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